Have just a year of Credit History. Can i refinance my car?

Question

Hello

I'm completing my first year car payment (of 5 yrs car loan) in Dec2006. The interest rate is high and i would like to refinance.
I have a secured credit card ($500) with payments on time and Regular Credit Card ($3000) of which i have $2500 used but no payments delayed.

Anyone, please advice me
1.How much my credit score approx. would be?
2.Can i refinance my car in Jan2007?
3.If i pull my credit info, is it accounted as a Hit?
4.If i ask my lender (any bank, credit card companies) to pull the info, is it a hit?

Please advice. Thanks in advance!
Appreciate it
Casinoroyale

Answer 1

That is entirely up to the company your requesting credit from. Each loan and company have different parameters. What I can tell you is this: A year of credit is nothing to credit companies. I know of some companies who consider 8 years of infallible credit to be 'little credit history'. Second, everytime a company pulls up your credit report it lowers your credit score a little because it is an inquiry. Hope this helps!

Answer 2

No one can calculate your credit score, only computers.

FICO Fair Isaac and Company uses thousands of factors to conclude your score.

This article explains credit scores and how they are calculated:http://www.expert-credit-advice.com/credit_score.htm

Just apply and see where your at and if you get approved. If you dont get approved then I would reccommend getting your credit reports and figuring out whats wrong.


Each time a lenders pulls your credit it is considered an inquiry.

Inquiries may reduce your score ever so slightly if you are applying to often.


One pull will not hurt your score.

Sounds like you need some more positive credit history: Here is a great article: http://www.expert-credit-advice.com/building_credit.htm

Dont be so worried about applying for credit, but dont apply too much.


Good luck....

Answer 3

Every person is allowed a free credit report every year, you should get your whole report

http://www.freecreditreport.com/

and, on time payments is only part of your FICO score, part is also your debt to income ration or
how much $$ you owe / how many $$ you make.

If your debt to income is already high, then % rate will still be high, or credit will be denied.

Answer 4

Well yes but it all depends upon you current credit score.. i would suggest try any good auto lander like this http://www.carsloan.info they will suggest you about the credit score and also finance you.